Apple. The giant that has taken the word by storm, integrating its products in virtually every home. The massive company is everywhere, and so it’s no wonder that it offers a payment service that aims to expand both the name of the apple image and facilitate payments for users.
Apple Pay is to its core, a contactless mobile payment technology that is supported on iPhones 6 or higher, and Apple Watches. For example, a customer can use Apple Pay as a contactless credit card. Note that in order to make a purchase, the payment terminal must have a wireless payment option. The service can also be used to make single touch purchases on apps like trading platforms.
To set Apple Pay, one must use the Apple Wallet app to store his or her credit and debit cards. Users then have to authenticate each time a payment is made, either by a password or Touch ID.
The payment gateway supports most major credit and debit cards like Visa, MasterCard and American Express. A huge assortment of banks also support the services.
As for now, there is no limit to the amount one can spend via Apple Pay.
Sending, receiving, or requesting money is absolutely free. However, there is an “instant transfer” feature, allowing a user to move Apple cash to a bank account, that is taxed by 1% ($0.25 minimum, $10 maximum) per transfer.